According to a new report by Transparency Market Research (TMR), the global market for HVAC and refrigeration (HVACR) systems demonstrates a highly competitive and fragmented structure with no clear leadership. Only a few companies, such as Daikin Industries Ltd., Mitsubishi Corp., Haier Electronics Group Co. Ltd., Carrier Corp., have been able to establish themselves as key vendors of HVACR systems across the world.

Currently, the leading market players are focusing aggressively on developing energy efficient refrigeration systems in order to curb the energy consumption of equipment. However, over the forthcoming years, these companies are likely to begin engaging in mergers, acquisitions, and various strategic partnerships in a bid to expand their business through new service additions and geographical presence.

As per TMR’s estimations, the global HVACR systems market, which stood at a value of US$81.1 bn in 2015, is likely to progress at a CAGR of 5.50% between 2016 and 2020 and reach an opportunity worth US$130.7 bn by the end of the forecast period. Boosted by the augmenting demand for refrigeration equipment in cold storage and food processing units, the shipment volume of HVACR systems is estimated to rise at a CAGR of 8.0% over the same forecast period. Evaporators have emerged as the most valued product in this market in the last few years and are expected to remain so throughout the forecast period. The revenue generated by evaporators is estimated to cross US$34.1 bn by 2024.

Geographically, the worldwide market for HVACR systems is spread across South America, North America, the Middle East and Africa, Asia Pacific, and Europe. Among these, Asia Pacific acquired the leading position in 2015 with a share of nearly 36% in the overall market. Thanks to the robust rise in the tourism industry, researchers expect this regional market to maintain its dominance during the forecast period. Due to the high pace of urbanization, Australia, India, Japan, China, and South Korea are likely to drive the market for HVACR systems in Asia Pacific over the next few years.

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